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Medicare coverage options are changing. Here's what beneficiaries should know
CBS News • • business
Key Points:
- Due to changes in federal funding, approximately 350,000 Minnesotans will face cuts to their Medicare Advantage plans, causing confusion and distress among seniors.
- Medicare beneficiaries have three options: standard Medicare with no premium but unlimited out-of-pocket costs, Medicare Advantage with lower premiums but network restrictions, and supplemental coverage with broader access but higher costs.
- Significant changes in Medicare Advantage plans starting in 2027 include increased out-of-pocket maximums, rising from $3,800 to $5,900 statewide and nearly $10,000 in Hennepin County, along with higher hospital stay costs.
- Healthcare providers express concern that coverage changes may disrupt long-term patient relationships, as some patients might lose access to their preferred doctors due to plan limitations.
- Experts urge seniors to act quickly in selecting new plans to avoid reverting to original Medicare, which has higher deductibles and no out-of-pocket maximum, emphasizing the urgency given the limited number of available plans.
